KARACHI: Vice President, Pakistan Businesses Forum at FPCCI, Ahmad Jawad has called for Pakistan’s serious efforts at the government and private sector levels to get its due share in halal international market.
Despite being a Muslim country, Pakistan’s share in the global halal trade is mere 0.26% which can be increased with the upgrading of halal certification and provision of halal storage facility. The global halal market has been projected to dollars 3.2 trillion by fiscal year 2024 which needs to tapped through timely, comprehensive and practical strategy, he said while talking to APP on Tuesday.
He regretted that unfortunately not a single Muslim country fell in the list of top 5 global exporters of the halal products. In this regard, the country’s industrial sector would have to bring in line with the global competitive trading trends to increase production and exports especially in halal market.
“Our major export sector needs to increase production of commercial goods in line with global competitive markets. And , this was possible only through use of the latest technology, innovation and research and development.
He said that without strengthening trade ties with emerging global and regional markets including of Russia, Central Asian Regions (CARs), Africa, Turkey and South East Asian Nations (ASEAN), and improving regional trade integration, the country’s economy would not improve.
He said the acquisition of new potential markets for trade diversification, through modern tools, was essential to increase the country’s exports.
Senior business leader said that by focusing on sectors including textile value-addition, information technology and halal foods exports, alternative energy, housing, tourism, agriculture, gems and jewelry and research and development, country’s exports could go beyond their potential. No doubt, it would touch the figure of dollars 100 billion. At present, 65 percent of Pakistan trade was with only 10 countries.
He also mentioned that at present, getting good seeds and setting up crop patterns in agriculture was a big challenge to Pakistan, maize and sugarcane were now replacing cotton, which has affected the major cotton production.
He said the country’s market potential in gems and jewelry had a potential of dollars 30 billion but it needed better incentives and facilities to reap it potential. Country’s Northern Areas, Balochistan and Khyber Pakhtunkhwa were rich in these precious stones. There was need for modern machinery for valuation and the government should provide timely assistance in this regard.
PBF, Vice President cautioned thatwithout standardisation, it would be difficult for the country to enhance export market share.
